The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1887-06-15

new. SIS for old. Beef quiet and steady. Cut
meats steady; picked bellies. 7sc; middles dub.
weak and nominal. Lard lower and moderately
active: Western steam, spot, g. 81 a b 9Oc; July.
- a o 9lc August, 991 Z Doc; SeDteu1oer.
100 a Z. 1Oc; city steam, b 6oc.
Butter firm with fair inquiry; Western. 120
l9c. Cheese quiet and weak; Western, G93c.
CHICAGO. June 1.-The calm of yesterday
on the Chicago Board of Trade was followed by
q whirlwind of excitement this morning Trad
ers had just nicely caught their breath and
steaded their nerves, after the break of Saturday.
when the second cyclone came 1t was the wheat
pit scare of Saturday, enlarged and intensified
The liberal taking of July wheat. yesterday, by
the clique, made that future steady at or about
81 cents per bushel. Outside traders talked
themselves into the belief that the com ination
permitted the sharp decline on Saturday for
purpose. and that they were about to buy up
July wheat. as they have already done May and
June. Many became "tailers," the scapers be-
came active, and it looked as If the worst were
past. and that the lowest point for July had been
reached when the three cent drop of Saturday
occurred. But the outside forces were at work
for the bears The thousand of cars standing
on de-tracks. elevators all filled to bursting.
tremendous receipts reported. aud everything
pointing to more wheat-millions more-in the
near future. Such were the conditions when the
traders went on Change this morning For the
first offerings of July wheat there were no
takers. 1t was offered under the supposed mar
| n
upon the bulls" at the close of last week again
made them quake. The uproar grew intense in
the wild effort to sell wheat. July dropped from
s32c SIC, while men were thinking what to do
Every wanted to unload, but no one wanted
wheat. In less time than it takes to tell the
story July wheat was offered at S0sc, or &c less
than the closing price yesterday 1t was a short
storm but terrible in its effects on the crowd
Traders crawled out of the pit dripping with
perspiration and weak from excitement. There
WAS talk of failures but were announced
to add TO the feversh condition Of things. Them
for an hour, there was slight rally, aud the
leading future, July, sold up to SHE
AT IL the indicator for July showed that it was
again selling down. and in fifteen minutes it was
offered "A 79c, 4ac below the opening an hour be-
fore. Then came the third tumble. at the noon
hour, and July wheat sold down to TOTO, or Ito
below the opening price. The entire board wac
little less than pandemonium. AID the bears
declared il d Just retributlon the bullish
wheat manipulators- Rumors reached here that
there the bank in Cincinnati
posed to be situated. Margins were freely
called and heavy deposits demanded. The Chi
cago banks. it was said. refused to advance any
more money wheat, and late in the session it
was stated that the checks of some of the par
ties interested on the long side had been re-
fused.
At 1890 came the startling announcement that
all persons having trades with Rosenfeld s. Co.
one of the clique houses, should close them at
once. The uproar had not subsidized when July
wheat took the fourth and worst turn of the day
and dropped for a moment to a cents. and closed
the morning session at 744c. Trouble was ex-
pected on margins at Kershaw's and the crowd
was ready for anything short OF an earthquake.
Throngs of people rushed in from the streets
and the gallery was filled with an excited throng
of men and women. 1t a morning session
TO be remembered as long as wheat grows. The
intermission at / o'clock gave mem bers q chance
To catch their breath, and when the afternoon
session was called the excitement had somewhat
abated. At 2:20 O'clock it officially
nounced that f. w. Bailey & Co. and Hamill g.
Brine requested all parties having trades with
them to close them at once The instant this
announcement was made July wheat dropped to
734e, but soon recovered and went back to 74c.
Five minutes later Secretary Stone raped the
tumultuous crowd to order and read the follow
ing from the leading clique house OF c. j. ker-
shaw 81 Co.: 1--WE have assurance that margins
and ample funds will be forthcoming by to NOR
row morning. and We request that no trades be
closed out"
The announcement was received with cheers.
and in few minutes July wheat was selling at
75sc The lowest figures touched by July wheat
during the day was 104e under yesterday close.
Although the chief excitement of the day was in
July, yet June wheat sold with the widest
fluctuations from 92c down to 90c, up to Gle,
and then by Jumps down &c., when a slight
reaction occurred. The lowest figure touched
by June about 20c under yesterdays clos
ing prices. June closed at 744c. The deferred
futures declined less sharply, but during the
morning dropped about PC for August and Sep
TENDER.
Corn was active and weak and fluctuations
showed a wider range than for some days Sew
era. lines of .'louer corn the market
which, with the heavy decline in wheat, had
depressing effect, and values ruled weak. The
market opened at about the closing figures of
yesterday, declined, with slight fluctuations. /
cent and closed &c lower than yesterday. July
opened at 38c and closed at 37sc. Oats, owing
to the excitement in wheat, received but little
attention.
Considerable business was transacted in the
provision market, and the feeling was greatly
unsettled The falling off in the receipts of hogs
and the advances in prices caused n stronger
feeling early, and sales of products were made
at higher prices. The break in prices of grain,
however. caused considerable nervousness, and
offerings were very liberal and caused marked
reduction in prices. July lard opened at 6. 674c
and sold down to &C., July ribs opened at Z. 724c
and sold to z. zoe and closed at soc. The
leading futures ranged follows: